Akashi accused of convincing an 88-year-old woman to withdraw $30,000

A former insurance agent on Oahu has pleaded no contest to charges he defrauded two elderly clients of more than $38,000.

The state Department of Commerce and Consumer Affairs said Thursday Scott Akashi allegedly convinced an 88-year-old woman to withdraw $30,000 of her life insurance policy and place it into a separate bank account.

It says Akashi told the woman write checks to him for what he said would be a better investment.

The department says Akashi sold a $50,000 annuity to a 90-year-old man and convinced him to withdraw over $5,000 from the annuity to get a better return.